MTECHTIPS;-Gold Near Three Month High After Breaking $1300 Mark

MTECHTIPS;-Gold Near Three Month High After Breaking $1300 Mark

MTECHTIPS-GOLD Supportive buying momentum, weak US dollar and upbeat technical cues after the breach of $1300 per ounce are keeping Gold afloat at the start of the New Year 2018. The commodity is currently trading at $1315 per ounce – its highest mark in nearly three months. Prices gained around 6% last year –clocking their best annual performance in seven years. MCX Gold futures closed at around Rs 29160 per 10 grams, up 0.13% on the day. Expect buying to emerge as long as Rs 29K remains in place. Large metals speculators added to their bullish net positions in the Gold futures markets last week, according to the latest Commitment of Traders (COT) data released by the Commodity Futures Trading Commission (CFTC) on Friday. The non-commercial futures contracts of Gold futures, traded by large speculators and hedge funds, totaled a net position of 113,795 contracts in the data reported through Tuesday December 26th. This was a weekly gain of 6,727 contracts from the previous week.

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